Overview :
Since our last analysis was published, gold has been trading downwards. As I expected, the price tested the $1,236.95 level in a high volume. In the daily time frame, I found a neutral bar, which is a sign of strenght, and an upward trendline, which was held successfully. Intraday selling looks risky at this stage. On the H4 time frame chart, I found bullish engulfing pattern.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,258.85
R2: 1,262.40
R3: 1,268.25
Support levels:
S1: 1,247.25
S2: 1,243.65
S3: 1,237.85
Trading recommendations for today: be careful when selling gold at this stage and watch for potential intraday buying opportunities.
